Fixed Cash ISA Account

To open our Fixed Cash ISA account, you must be:

• at least 16 years old and be resident in the UK for tax purposes.
• a resident in the UK.
• working as a Crown employee serving overseas and paid out of the public revenue of the UK — typically a serving member of the armed forces or a diplomat, if they are not resident in the UK.
• married to, or in a civil partnership with, an eligible person.
• a member of Serve and Protect Credit Union. If you are not already a member, you can join for free here!

Once your account is set up, you can manage your account online via our mobile app.

The minimum deposit required to open this account is £5. The maximum deposit is the 2024/25 ISA allowance of £20,000.

You can continue to make payments into your Fixed Cash ISA during its lifetime as long as you remain within the ISA regulations and ISA allowance for each tax year.

These limits are subject to HM Revenue & Customs rules.

We will only accept Cash ISA transfers up to the value of the 2024-25 allowance and subscription limit of £20,000.

You can transfer money held in existing ISAs (whether they are with us or another ISA provider) into a Fixed Cash ISA.

Please note: If you open a Fixed Cash ISA to transfer in an existing ISA, you will need to make a new subscription.

These limits are subject to HM Revenue & Customs rules.

The interest rate is 4% AER.

Interest will be paid annually at the end of the product term, which is 5th April 2025. This will be paid into your Fixed Cash ISA 2024-25.

Any withdrawals will automatically close your Fixed Cash ISA.

You can take money out and close your Fixed Cash ISA whenever you wish, with no notice, although our standard 60 day interest penalty will apply for withdrawals made before the agreed subscription term.

There are no charges applied to your Fixed Cash ISA, but there is a 60 day interest penalty charge for any early withdrawals. 

You will be charged whatever figure is lower, the total interest earned to date, or the 60 days of interest charged.

If you want to close your Fixed Cash ISA and withdraw all the money, you can do this at any time and without notice, but will be subject to the standard 60 day interest penalty.

You will be charged whatever figure is lower, the total interest earned to date, or the 60 days of interest charged.

Rest assured, all our savings products are protected by the UK’s Financial Services Compensation Scheme (FSCS), guaranteeing your savings up to £85,000. Any deposits exceeding the current limit are not covered. For additional details about the FSCS, please visit www.fscs.org.uk

To open a Fixed Cash ISA account, you’ll need to become a member of our credit union. It’s free to join and you can access your savings anytime!

You can split your annual ISA allowance across the different ISA types – Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA – or save the whole allowance in one type of ISA (apart from the Lifetime ISA, which has a limit of £4,000).

Serve and Protect Credit Union offer a Fixed Cash ISA only. This will be classed as one Fixed Cash ISA for the purposes of tax-free allowances and HMRC reporting.

If you’ve got existing ISAs with other providers from previous tax years, these don’t count towards your £20,000 annual allowance.

When your 2024/25 Fixed Cash ISA matures, and after the interest is paid, the balance will remain in the Fixed Cash ISA and then revert to our standard annual Fixed Cash ISA rate thereafter.

Alternatively, you may wish to transfer your money to another available Serve and Protect Credit Union account or withdraw it to another account.

• Interest is paid gross without the deduction of income tax and doesn’t count towards your Personal Savings Allowance.
• If you change your mind within 14 days of opening your account, we will cancel your account without penalty or notice.
• You can request to transfer in ISAs held with other providers at account opening stage only. 
• *AER stands for annual equivalent rates and illustrates the interest rates if it was paid and compounded once each year.
• Your annual ISA allowance for the 2024/2025 tax year is £20,000. You can split the allowance across the different ISA types – cash ISA, stocks and shares ISA, innovative finance ISA and Lifetime ISA – or save the whole allowance in one type of ISA (apart from the Lifetime ISA, which has a limit of £4,000). We only provide a Fixed Cash ISA.
• You can make deposits up to £20,000 from your nominated UK bank or building society account. You can also transfer existing ISAs from other providers into this account, up to the current ISA allowance limit for the tax year.
• We reserve the right to withdraw this account at any time.